Grocery Store with Central
For Sale
$600,000
2957 Pearl Avenue, Lorain, OH 44055
CommercialSale, Lorain, OH
Property Size1,624 SF
Lot Size0.33 Acres
Price / SF$369.46
Days on Market51
Property Features for 2957 Pearl Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Sheffield Land Co
Elementary school district
Lorain CSD - 4709
Middle school district
Lorain CSD - 4709
High school district
Lorain CSD - 4709
Directions
In Lorain off of Pearl Ave.
Standard status
Active
APN
03-00-096-116-012
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
S L CO 75.00 X 100.00 LOT # 342
Tax Annual Amount
1726
Legal Description
S L CO 75.00 X 100.00 LOT # 342
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
on-site parking
public utilities
central air conditioning
natural gas forced-air heating
Building Details
Year built
1963
Roof type
Fiberglass, Asphalt
Listing Agency:
Russell Real Estate Services
(440) 327-6511
Listed By:
Fabian Candelario · License #2013001316
(440) 396-8960
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 21 at 9:06AM
MLS# 5224487
Copyright © 2026 MLS Now. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This established neighborhood grocery store is offered with the business, building, and land included, along with the equipment needed to continue operations. The store currently offers groceries plus beer, wine, cigarettes, and Ohio Lottery sales, with beer, wine, tobacco, and Ohio Lottery licenses available for transfer in accordance with state regulations. A training and consultation period is available from the current owners for an agreed-upon time to support a smooth transition.
The property is situated on a highly visible corner along Pearl Avenue, supporting convenient customer access. The approximately 1,624 SF retail building includes on-site parking and public utilities. Building systems include central air conditioning and natural gas forced-air heating. The roof is described as asphalt and fiberglass. Public water and public sewer services are in place, and the property was built in 1963.
The offering includes both the real estate and the operating components needed to begin serving customers right away.
The property is situated on a highly visible corner along Pearl Avenue, supporting convenient customer access. The approximately 1,624 SF retail building includes on-site parking and public utilities. Building systems include central air conditioning and natural gas forced-air heating. The roof is described as asphalt and fiberglass. Public water and public sewer services are in place, and the property was built in 1963.
The offering includes both the real estate and the operating components needed to begin serving customers right away.
Key Highlights
- Approximately 1,624 SF retail building
- 0.33‑acre lot with on‑site parking
- Built in 1963 with asphalt and fiberglass roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,503
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$350,060
$350.1K
Cap Rate 7%
$250,043
$250.0K
Cap Rate 9%
$194,478
$194.5K
Market Conditions
NOI Build-Up for 1,624 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.4K $15.00/SF
− Vacancy
−$1.0K −$0.63/SF
EGI
$23.3K $14.37/SF
− OpEx
−$5.8K −$3.59/SF
NOI
$17.5K $10.78/SF
Area
Lorain County, OH
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$350,060
Cap Rate 7%
$250,043
Cap Rate 9%
$194,478
Alternative Uses
Best Use
Specialty Retail
$250.0K
$218.8K – $291.7K
NOI $17,503 @ 7.0% cap · market cap 2.92%
Second Best
Retail
$233.4K
$204.2K – $272.3K
NOI $16,336 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$409.2K
$358.1K – $477.5K
NOI $28,647 @ 7.0% cap · market cap 4.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Utilities to site
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
199
Businesses Nearby
10k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
5,941 visits/mo
0.3 miles
Family Dollar
Shops & Services
4,016 visits/mo
0.5 miles
Demographics for 44055, OH
19,331
Population
9,258
Households
2.1
Avg Household Size
36
Median Age
10%
College-Educated
82%
High-School Grad
6.3 sq mi
ZIP Area
3,068
Density / Sq Mi
$36,603
Median Household Income
$30,631
Median Earnings
$848
Median Rent
$95,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Key Food Supermarket — 1602 E 28th St, Lorain, OH 44055
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Long-running neighborhood grocery with central air, on-site parking, and beer, wine, cigarettes, plus Ohio Lottery sales.
Where is this grocery and convenience store located?
The property is located at 2957 Pearl Avenue Lorain, OH.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Approximately 1,624 SF retail building; 0.33‑acre lot with on‑site parking; Built in 1963 with asphalt and fiberglass roof
